Mount Washington apartments transformed into condos
June 9, 2008
Royce Karpy had worked in commercial real estate development for a decade for companies such as McDonald’s, 84 Lumber and Armstrong Development, a South Side-based local development company.
On the personal side, Mr. Karpy had always lived in the suburbs and grew up in the Washington County community of Eighty-Four.
So when the opportunity to buy a six-unit apartment building on Grandview Avenue came up three years ago, Mr. Karpy jumped at the chance and bought the turn-of-the-century structure for $430,000, according to Allegheny County property records.
But, Mr. Karpy found being a landlord in the same building he was living in a bit taxing. (The building was transformed into apartments in 1966, prior to that it had been a private residence and at one time served as a medical office.)
“People were always on your doorstep,” said Mr. Karpy, READ MORE
Pittsburgh residential real estate expected to remain stable
June 9, 2008
Pittsburgh continues to rank as one of the nation’s most stable residential real estate markets, according to a recent study.
There is a less than 1 percent chance that home prices in the Pittsburgh region will be lower in two years than they are today, according to the study released by Walnut Creek, Calif.-based PMI Mortgage Insurance Co.
“The reason that Pittsburgh has such a low risk is that prices there never exploded like they did in other parts of the country,” said David Berson, chief economist with PMI. “There were very stable home price gains.”
Only one other metropolitan area, READ MORE
Downtown condo buyers to get tax break
June 4, 2008
A tax savings bonanza awaits those who build housing — or significantly improve residences — Downtown and in 28 other neighborhoods.Act 42, a 10-year tax abatement program recently passed by the city and Pittsburgh Board of Public Education to encourage new housing development and substantial rehabilitation of existing houses, offers a tax break up to $6,180 annually — or $61,800 over the 10 years — based on current millage rates.
The program, first introduced by Mayor Luke Ravenstahl in February, can be of particular value Downtown, where the city has focused redevelopment efforts on new housing, including condominiums, experts say.
In addition to Downtown, READ MORE
Is Pittsburgh In Your Future?
June 4, 2008
Okay, here’s today’s puzzle: Imagine that you wanted to live in a city with terrific museums, professional sports, cheap housing and short commutes. Where would it be?
Pittsburgh may well be the nation’s least-appreciated big city. Long associated with steel mills and choking smoke, the old image of Pittsburgh is out-dated and wrong. Instead the city today has a gleaming downtown and a new emphasis on medicine, robotics, computer engineering and bio-tech.
Pittsburgh has much to tell us about urban renewal. In 1936 the St. Patrick’s Day flood decimated the downtown area and left more READ MORE
Cultural Trust delays $500 million Downtown project
June 1, 2008
The Pittsburgh Cultural Trust announced Thursday it would delay indefinitely a $500 million project to revitalize Downtown with a neighborhood of shops, restaurants and residential units.Cultural Trust officials cited the volatile economy, especially in the credit and mortgage industry, for the change in plans. However, the Washington, D.C.-based developer of the RiverParc project accused the trust of mishandling the project.
“We found very quickly there was no one there who knew what it would take to move this project forward,” said Susan Eastridge, CEO and founder of Concord Eastridge Inc. “It’s kind of a fumble-bumble, I guess.” READ MORE
Downtown condos selling fast to diverse clientele
June 1, 2008
When Murugan and Roshni Subramanian decided to buy their first home together, Mr. Subramanian argued for Downtown and the urban lifestyle he’s grown to love since moving here from India when he was 17. Mrs. Subramanian considered herself to be “more of a Wexford-type person,” he said, and wanted a townhouse.
Their compromise? A two-level, three-bedroom, 2,600-square-foot condominium at 941 Penn, where only two of the building’s 17 units are still available. READ MORE